To ensure one bitkoyn-transaction spent the same amount of electricity as a standard American house "eats" for a week. The inventor of BitTorrent Bram Cohen wants to correct this with the help of a new, more "environmentally friendly" Chia crypto currency, writes TechCrunch.

Cohen established a company called Chia Network, which will promote the same currency. Unlike bitcoin, where a new block appears due to complex calculations, which can now be carried out only with the help of a huge number of computers, the proof-of-work (PoW) for obtaining Chia will be based on storage and time. To do this, Cohen wants to use cheap hard drives.

"There are two problems with bitkoyn," he says.. - One of them is ecological: too much electricity is wasted. The other is political: bitkoyn-network began to control several companies that got access to cheap electricity and invested a lot of money. This leads to centralization, which contradicts the idea of ??any crypto currency ".

Cohen admits that the idea does not belong to him. Moreover, several companies have tried at various times to implement a project to protect the blockade with proof-of-capacity (PoC) - Permacoin, SpaceMint and Burstcoin. The meaning of the technology is that it is necessary to prove that the miner or "farmer", as Cohen prefers to call active network members, that he allocated a significant amount of memory for storing the file. Then the server checks to see if the file has been dead on the hard drive. Thus, Cohen believes that this will protect the blockade from forgery, since it will require too much effort.

However, it is not entirely clear how such a system will help to save the crypto currency from centralization, if in due course more storage space is required. And these are not ordinary hard drives, but whole servers somewhere in Inner Mongolia (China), where there are the world's largest crypto-currency "farms".

After the invention of the torrent tracker in the early 2000s, Cohen worked for Valve, and then focused on creating a distributed streaming video streaming protocol (for online broadcasts) within BitTorrent. It did not work, and now Cohen started Chia Network.

Start a new currency Cohen wants before the end of 2018. In the creation of a new currency and protocol, he will be assisted by the former top manager of the Tradehill bitcoin exchange, Ryan Singer. Programmers want to focus on the legal side of the new blockbuster, to convince users to abandon the bitcoin and move to Chia.

According to scientists at Sydney University of Technology, the collapse of existing blockbuster platforms will occur in 10 years. By that time, quantum computers will learn to crack key elements of cryptography on which digital currencies are based.